# India private credit-to-GDP gap | PIER20 benchmarks

Is Indian private credit running above its long-run trend?

India private credit-to-GDP gap tracks BIS private-sector credit/GDP, trend and published gap. It uses quarterly data.

The latest data is from **Q4 2025**. The Credit / GDP reading is **102.33 % of GDP**. The One-sided trend reading is **100.59 % of GDP**. The BIS credit gap reading is **1.74 pp**. The Credit / GDP line is up 7.0 pp over the past year. It is above its long-run median of 93.34 % of GDP.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Credit / GDP | 59.31 | 102.33 | 51.14 | 114.82 |
| One-sided trend | 59.50 | 100.59 | 58.60 | 116.70 |
| BIS credit gap | -0.19 | 1.74 | -23.21 | 22.74 |

## Last 24 readings

| Date | Credit / GDP | One-sided trend | BIS credit gap |
|---|---|---|---|
| Q1 2020 | 91.51 | 109.81 | -18.29 |
| Q2 2020 | 97.28 | 109.41 | -12.12 |
| Q3 2020 | 100.48 | 109.18 | -8.70 |
| Q4 2020 | 103.11 | 109.10 | -5.99 |
| Q1 2021 | 100.13 | 108.85 | -8.72 |
| Q2 2021 | 95.64 | 108.36 | -12.71 |
| Q3 2021 | 93.65 | 107.76 | -14.11 |
| Q4 2021 | 96.52 | 107.33 | -10.81 |
| Q1 2022 | 95.35 | 106.85 | -11.49 |
| Q2 2022 | 93.15 | 106.25 | -13.10 |
| Q3 2022 | 93.84 | 105.70 | -11.86 |
| Q4 2022 | 92.56 | 105.10 | -12.53 |
| Q1 2023 | 93.23 | 104.54 | -11.32 |
| Q2 2023 | 91.56 | 103.91 | -12.35 |
| Q3 2023 | 93.43 | 103.39 | -9.97 |
| Q4 2023 | 93.77 | 102.91 | -9.15 |
| Q1 2024 | 94.35 | 102.47 | -8.12 |
| Q2 2024 | 94.51 | 102.05 | -7.54 |
| Q3 2024 | 93.91 | 101.61 | -7.70 |
| Q4 2024 | 95.33 | 101.26 | -5.94 |
| Q1 2025 | 96.00 | 100.96 | -4.96 |
| Q2 2025 | 97.34 | 100.74 | -3.39 |
| Q3 2025 | 97.42 | 100.53 | -3.11 |
| Q4 2025 | 102.33 | 100.59 | 1.74 |

## How to read this benchmark

**How to read it.** The BIS gap equals private credit to GDP minus its one-sided trend. A positive gap shows that credit is above trend.

## How this benchmark is used

**Why traders watch it.** Credit and equity traders use this benchmark to track Indian private credit against its long-run trend.

## Frequently asked questions

**What is the latest reading for India private credit-to-GDP gap?**

The latest data is from Q4 2025. The Credit / GDP reading is 102.33 % of GDP. The One-sided trend reading is 100.59 % of GDP. The BIS credit gap reading is 1.74 pp. The Credit / GDP line is up 7.0 pp over the past year. It is above its long-run median of 93.34 % of GDP.

**How often does this benchmark update?**

The source publishes quarterly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.

**What data sources does this chart use?**

The Bank for International Settlements (BIS) publishes the data. The methodology section lists each source series.

**Where does the data come from?**

The Bank for International Settlements (BIS) publishes the source data. The source table lists each series and its exact link.

## Methodology

- Formula: BIS private-sector credit/GDP, trend and published gap
- Frequency: Quarterly
- Sources: Credit / GDP (credit-gdp) https://stats.bis.org/api/v1/data/WS_CREDIT_GAP/Q.IN.P.A.A; One-sided trend (credit-trend) https://stats.bis.org/api/v1/data/WS_CREDIT_GAP/Q.IN.P.A.B; BIS credit gap (credit-gap) https://stats.bis.org/api/v1/data/WS_CREDIT_GAP/Q.IN.P.A.C. Data via the Bank for International Settlements (BIS).
- Data through: Q4 2025
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/india-private-credit-gap
Disclaimer: research software output, not investment advice.